Recently, Abu Dhabi-based energy company Masdar announced that it has signed a strategic agreement with Iraq to develop solar photovoltaic power generation projects in Iraq with an installed capacity of at least 2 gigawatts (GW). Iraqi Minister of Electricity Hantosh, Chairman of the Investment Committee Al-Najar and Masdar CEO Al-Ramahi signed the agreement online.
Commenting on the agreement, Iraqi Oil Minister Ihsan said: “The government of Iraq plans to increase the production of clean energy. Our goal is to increase renewable energy to 20-25% of the total energy ratio, which is equivalent to 10 to 12 gigawatts. “Iraq Investment Committee Chairman Al Najar said that the project is one of the largest renewable photovoltaic projects in the Middle East and is in line with the vision of Iraq’s 2021-2030 sustainable transformation plan. The total investment in this transaction has not yet been disclosed.
Masdar is wholly owned by Mubadala Investment Company and is a major player in the global renewable energy sector. It currently operates in more than 30 countries and regions, with a total installed capacity of more than 11 GW of renewable energy and a total investment of approximately US$20 billion. The clean energy company’s goal is to double its renewable energy production capacity in the next five years, as many countries hope to develop new projects to reduce carbon emissions. The company also signed agreements with Azerbaijan, Kazakhstan and Greece for new renewable energy projects this year.
According to data from the International Renewable Energy Agency, global renewable energy installed capacity will exceed 260 GW in 2020, an increase of 10.3% to 2,799 GW. Among them, solar energy accounts for more than 48% of the new renewable energy capacity in 2020, reaching 127 GW. In 2020, global solar power generation has increased by 22% over the previous year, while wind power generation has increased by 18% to 111 GW.